Accounting Method Changes Under the Tax Bill
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Make sure you are up-to-date on the latest revisions to the tax accounting method change procedures.Many private companies have heard about the benefits of tax reform but do not know how the new tax law changes apply to their business specifically. The Tax Cuts and Jobs Act introduced numerous provisions that can greatly benefit small- and mid-size businesses in various industries. However, the IRS has not yet provided much guidance on these new provisions. The changes can sometimes increase the complexity of the tax law, even when the tax rates are going down. This topic helps companies and tax advisors to determine which tax provisions will apply to new business. It will focus on tax rules related to acquisition and improvement of buildings and other capital assets, like machinery or equipment. It will help companies and tax advisors determine when these costs qualify for bonus depreciation, and when they have to be depreciated using the normal tax rules. This material will also focus on the new tax deductions and rules aimed at small- and mid-size businesses. It will cover critical provisions that apply to all business to transition to the new tax rules.
AuthorsSelvan Boominathan, CohnReznick LLP Derek Weaver, CohnReznick LLP
• Background and History
New Depreciation Rules
• Building Improvements - Full Expensing and Depreciation
• Capital Assets - Full Expensing and Depreciation
• Alternative Depreciation - When It's Required and When It's Optional
Accounting Method Changes
• New Small Business Simplification Rules
• New 20% Deduction for "Qualified Business Income"
• New Business Interest Expense Limitations
• Blended Tax Rates for Fiscal Year Tax Filers